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Strategic Minerals rakes in $38mln from Cobre

Strategic Minerals has unveiled a huge rise in full-year revenues from its Cobre stockpile of iron ore in New Mexico
Strategic Minerals rakes in $38mln from Cobre

Strategic Minerals (LON:SML) has revealed its Cobre stockpile in New Mexico generated revenues of around US$38mln in the 2013 fiscal year.

That is some way above the US$6mln the AIM-listed magnetite iron ore producer recorded the year before.

A total of around 438,000 dry metric tonnes of magnetite were shipped last year, compared with 65,000 in 2012. The figure would have been closer to 500,000 had a shipment not been delayed until the New Year.

Gross margin improved significantly in the second half of the year, it added.

Strategic Minerals' main focus remains the tailings business, but it is also pursuing an exploration programme on both its Iron Glen and Jotanooka tenements in Australia.

At Iron Glen, it is aiming to define an economically viable high-grade magnetite concentrate of at least five million tonnes, while at the latter it hopes to establish whether it contains an extension of the large SinoSteel Corporation magnetite deposit that sits next door.

On the corporate side of things, the company said it is focused on adding more stockpile assets and management is eyeing “a number of opportunities in that regard”.

It added that any acquisition would mean raising funds.

The update was accompanied by a statement declaring that it knows no reason for the recent rise in its shares on AIM.

The stock is up around 30% this week to 2.1p, giving it a market capitalisation of £11.9mln.

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